Get Answers to Your Questions
Here are our most frequently asked questions with answers.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
Representative Example: Amount of credit: £300 for 81 days with one repayment of £97.20 and one repayment of £397.20. Interest: £194.40. Interest rate: 292% pa (fixed). 1299.1% APR Representative.
Am I eligible to apply? What information do I need for my application?
To be eligible to apply, you must:
- Have a valid UK bank account.
- Be employed.
- Be a resident of the UK.
- Be at least 18 years old.
When applying you'll also need to provide us with the following information:
- Employment details.
- Bank account details.
- Income and outgoings/expenses.
- Other Personal Information.
Can I apply if I have less-than-perfect credit?
Yes. Less-than-perfect credit does not necessarily prevent you from qualifying for a QuickQuid loan. We understand that a credit score may take time to repair, even when you have been working diligently to erase past credit mistakes. That is why we use a variety of criteria to evaluate each customer, including their credit score and recent borrowing history. If you’ve had trouble with credit in the past but have worked diligently to improve your score, we may be able to approve you for a loan.
Will I need to submit any extra paperwork?
In most cases, we will be able to make a loan decision without additional paperwork. However, there are some instances where we may need some additional information regarding your income and employment. In this case, we will request you send the required documents so that our Loan Processing team can review them manually.
Why do I need to provide proof of income?
For some applicants, we may need to verify income. To help process your loan, we need a recent wage slip or equivalent income statement dated within the last 30 days. You can email or send a picture of this information.
How can I check my application status?
You can check the status of your application online:
- Log-in to your account home page.
- At the top of your account home page you'll see information on the status of your current loan application.
I'm not eligible for a 1-period loan. Why not?
You may only be eligible for certain repayment period options given your pay frequency, time of application and our requirement that loan durations be no less than 27 days. Depending on your pay frequency and time of application, you may not be eligible for a 1-period loan. Please note that your repayment dates will always be set to the dates on which you receive your paycheque.
Why was my application declined?
There are a number of factors QuickQuid uses to evaluate your application, including but not limited to: an applicant’s past borrowing history, credit report, identity verification, number of outstanding loans, income and existing financial commitments, as well as the validation of application details. If an applicant does not meet all or some of QuickQuid’s lending criteria for each of the above items, QuickQuid may decide not to approve their application. If your financial circumstances change, you may reapply again in the future. Please keep in mind that each application is recorded on your credit file; too many applications over a short period of time may be seen as a red flag.
When will I receive my loan?
In most cases, your application will be processed within 30 minutes from the time it has been received. Loan approval depends on satisfactory completion of identity, credit and affordability checks. If approved, funds will be sent to your bank account within 10 minutes of approval. § If your bank does not support Faster Payments, funds will be deposited the same day, as long as your loan is approved by 14:30 on that day. Once you have completed a loan application, QuickQuid will send you updates via email.
Once I pay off a loan, how soon can I receive another one?
Short-term loans should be used for short-term financial needs only, and not as long-term financial solution. As a responsible lender, we do not encourage the frequent use of our service. If you're having recurrent financial problems, please see our “Where can I get financial advice?” question. Generally, the earliest you may apply for a new loan depends on your previous loan's repayment method and is subject to affordability checks in accordance with QuickQuid’s responsible lending policy. Read on to learn more about the different payment types.
- Continuous Payment Authority (CPA): If you pay by debit card, your payment will clear the bank in seconds and you may be able to apply for a new loan immediately.
- Direct Debit Authorisation (DDA): If you pay by an electronic cheque, it will normally take two working days for your payment to clear the bank. Once the payment clears, you may be able to apply for a new loan.
Example: Your repayment date is Friday and your full payment comes out of your account on that day. If the loan was repaid via debit card, you may be able to apply for another loan on Friday. If the loan was repaid via Direct Debit, you must wait until Wednesday before you are able to apply for another loan.
How many loans can I take out at one time?
QuickQuid has a policy of one loan per customer.
What are my repayment options?
There are three repayment options you may be eligible for:
- 1-Period Loan: On your 1st and only payment date, you will owe your total balance (the loan amount plus accrued interest).
- 2-Period Loan: This option allows you to repay your loan over 2 periods. On your 1st repayment date, you will pay the interest that has accrued to date. On your 2nd repayment date, you will repay the loan amount you borrowed, plus the interest that has accrued between your 1st and 2nd repayment dates.
- 3-Period Loan: This option allows you to repay your loan over 3 periods. On your 1st repayment date, you will pay the interest that has accrued to date. On your 2nd repayment date, you will pay the interest that accrued between your 1st and 2nd repayment dates. On your 3rd repayment date, you will repay the loan amount you borrowed, plus the interest that has accrued between your 2nd and 3rd repayment dates. We will always send a reminder email at least 3 days prior to each payment date. If you have questions about your repayment options, please contact our Customer Support Team. Your repayment dates will always be set to your pay dates. You may not be eligible to apply for each period option given your pay date frequency and our minimum 27 day loan term restriction.
We will always send a reminder email at least 3 days before each payment date.
Your repayment dates will always be set to your pay dates. You may not be eligible to apply for each period option given your pay date frequency and our requirement that loan durations be no less than 27 days.
If you have questions about your repayment options, please contact our Customer Support Team.
Please note: Before taking out a loan, you should ensure you will be able to make your payments out of your normal disposable income. If you are approved for a multi-period loan, be aware that your final payment will be larger than your previous payment(s); you may need to save disposable income from a prior month in order to make the final repayment successfully.
How much can I borrow?
New customers may qualify for a loan of up to £1,000. † After successful repayment of your first loan, you may qualify for loan amounts up to £1,500. †
What is APR? What does it mean for me as a customer?
APR stands for Annual Percentage Rate and represents the cost of a loan over an entire year. APR can be helpful in comparing two similar loans from separate lenders because it will allow you to determine the relative cost of each loan. While the APR may be a helpful tool for comparing loans, the total cost of credit is also a valuable tool, as it will tell you exactly how much the loan will cost. See our Rates & Terms page for more information on the APR and total cost of our loan products.
Do I have the right to cancel or withdraw my loan agreement?
Yes, by law you have the right to withdraw from your loan agreement within 14 days of signing your agreement. If you withdraw from the loan, you must return any money we have provided to you, plus accrued interest. You can withdraw from your loan by calling us on 0800 056 1515, or by emailing us at email@example.com.
Can I still receive funds if my application is submitted and approved over the weekend?
Yes. If your application is approved on a weekend, your funds will typically be sent to your bank within 10 minutes after approval. § If your bank does not support Faster Payments, funds will be sent to your account the same day as approval so long as you're approved by 14:30.
When will my loan be due?
You can repay a QuickQuid loan over the course of 1, 2 or 3 repayment dates. Your repayment dates will always be based on the dates you get paid. You may not be eligible to choose from all three repayment options given your pay date frequency and our requirement that loan durations be no less than 27 days. You will have a chance to review all repayment dates before signing your loan contract.
What is the daily interest rate charged on a loan?
QuickQuid charges a daily interest rate of 0.80% on your outstanding principal per day.
For example: Your next pay date is in 30 days. You decide to take out a 1-period loan for £100.00. You will be charged 0.8% interest for a 30-day loan term which results in £24.00 in interest. In total, you will repay £124.00 (interest + principle) on your repayment date. The total amount of interest charged on your loan depends on the number of repayment periods for your loan. For more information, visit our Rates & Terms page (link to Rates and Terms).
Does QuickQuid run credit checks during the application process?
Yes. We run credit-application checks with credit reference agencies to verify your application information and to help us determine whether your application will be approved or declined. Credit checks also help us determine the amount of your loan offer, if approved.
Important Notice: When we run a credit-application check, it will leave a footprint on your credit report. Footprints themselves are not negative, but if a credit report shows that many searches have been done in a short period of time, it could be seen by lenders or others as a sign of identity fraud or great financial need.
What are short-term loans and who should use them?
Short-term loans are designed to help you bridge the gap between paydays so that you can take care of any unexpected expenses. If you need a quick cash advance to cover unexpected expenses, a QuickQuid short-term loan may be an option for you. However, you should not take out a short-term loan if you don't think you can pay it back on time, or if you are in need of a long-term financial solution.
What is the difference between a QuickQuid loan and a regular personal loans?
QuickQuid's short-term loans are repaid in 1, 2 or 3 repayment periods and are designed to help bridge the gap between paydays. The last payment includes the principal borrowed and is larger than previous payments. Personal “instalment” loans are loans in which there are a set number of scheduled payments over time. Each payment is equal, with some percentage of each payment going toward the principle of the loan.
Where can I get financial advice?
Those looking for financial advice can try the following free services:
- National Debtline: A national telephone helpline for people with debt problems in England, Wales and Scotland. Their service is free, confidential and independent. Their helpline is available Monday – Friday, 9 a.m. – 9 p.m., and Saturday, 9:30 a.m. – 1:00 p.m. They are closed Sunday. Call 0808 808 4000 or visit www.nationaldebtline.co.uk.
- Money Advice Service: Independent service set up by the government to help people make the most of their money. They give free, unbiased money advice. Their hotline is available Monday – Friday, 8:00 a.m. – 8:00 p.m., and Saturday, 9:00 a.m. – 1:00 p.m. For English, call 0300 500 5000. For Welsh, call 0300 500 5555. Or, you can visit www.moneyadviceservice.org.uk.
How does QuickQuid secure all the personal information I provide them?
QuickQuid takes the protection of our customers’ information seriously. We employ a number of technologies to protect your information, including VeriSign and McAfee, among others. To protect yourself against potential scammers who might present themselves as QuickQuid or another lender, remember you should:
- Never make any payments over the phone unless the details of your original loan can be confirmed.
- Never provide personal information in response to an unsolicited email or call.
- Never respond to suspicious emails that request personal information.
- Check your account regularly for suspicious activity.
How do I report a complaint?
Visit our Contact Us page for details on reporting complaints in reference to QuickQuid loan products, policies or services. You will also find Contact Details for The Financial Ombudsman Service, an Online Dispute Resolution Platform, and Complaints Publication Data.
How are discounts applied to the interest that I pay on my loan?
QuickQuid charges 0.8% daily interest on loans. Generally, discount codes reduce this daily interest rate by a certain percentage for the duration of the loan.
For Example: You apply for a 30-day, £100 loan and are approved. You use a discount code for 10% off interest. Your daily interest then decreases by 10%, from 0.8% to 0.72%. This results in savings of £2.40 on total interest accrued on this loan.
Note: There may be other conditions and/or restrictions that apply to other promo or discount codes that we offer.
How do I sign up for discounts and promotions?
You can sign up for discount and promotional communications by logging in to your account and updating your settings under “Contact Preferences.” You can choose to receive discounts by email, SMS and/or post.
How do I unsubscribe from discounts and promotions from QuickQuid?
To unsubscribe from promotional discounts, log in to your account and update your “Contact Preferences.”
How can I check my loan status?
You can check the status of your loan online:
- Log into your Account Home page.
- The top of your Account Home will contain information on the status of your current loan.
Can I repay my loan early?
Yes. You can repay your loan early at no extra cost. You only pay interest on the days you borrow. To repay your loan early, please contact our Customer Support Team via phone on 0800 056 1515 or by live chat.
How does QuickQuid collect payments?
With QuickQuid, you can choose between two automated payment methods: Continuous Payment Authority (CPA) and Direct Debit Authorisation (DDA). When you fill out your application, we’ll ask you to choose your preferred method and agree to its terms.
- Continuous Payment Authority (CPA) is a type of automatic payment that authorises a lender to withdraw sums from a borrower’s nominated bank account using debit card details. We will fully disclose the terms of a CPA during the loan application process, to which a borrower must agree. If you choose this method, QuickQuid will use your debit card details to set up the CPA, withdrawing your payments on their due dates without requiring express authorisation for each withdrawal. It is important that you are fully aware of the commitment you are entering into when setting up a CPA. On your repayment date, QuickQuid will debit your account for the amount due. If the debit fails, QuickQuid may attempt to debit a second time on the same day or the following business day.
- Direct Debit Authorisation (DDA) behaves similar to an electronic cheque. QuickQuid presents the authorisation to your bank and your bank sends the specified payment amount to QuickQuid to satisfy the loan agreement.
How can CPA be cancelled?
Customers can cancel their CPA with the bank or card provider, or with the company taking the payment. Customers should notify us when they advise the bank or card issuer that they have stopped permission for the payments. Customers may also cancel their CPA by contacting us directly. Payments taken prior to cancellation being received will only be considered for full or partial refund at the discretion of QuickQuid. Please call us on 0800 016 3114 (call free from landlines. Mobile phone companies may charge up to 40p per minute.). If you cancel your CPA for the repayment of your loan with us, you will still be responsible for paying any money that you owe, including any charges that may accrue. An alternative means of repayment will be agreed on.
What should I do if I need extra time to make a payment?
If you will not be able to repay the amount due on your next repayment date, please contact us immediately. Depending on your situation, we maybe be able to offer you a due date adjustment, an extension or a fixed repayment plan. Here's how each option works:
- Due date adjustment: If you are certain you can make your payment within a few days of your due date, we may be able to postpone your repayment date by up to 3 calendar days. This adjustment can be made no more than once per loan.
- Extension: If you need more than a few extra days to repay your loan, you may be able to apply for an extension. You can see if you're eligible to apply for an extension by logging in to your account. If your extension application is approved, the interest you accrued on the original loan must be paid on the original repayment date. The repayment of your loan principal will then be moved to a later repayment date. On this new repayment date, you will repay the loan principal along with additional accrued interest. Because you will pay additional interest on your outstanding principal, extensions are granted solely at our discretion, based on whether we believe you will be able to repay the extension without undue difficulty. You may apply for a maximum of two extensions per loan.
- Fixed repayment plan: If you are in severe financial hardship, you should contact us immediately, as we may be able to provide you a fixed repayment plan.
Important notice: We may be unable to offer the above options unless you contact us in a timely matter. If your payment method is:
- Debit Card, then you must contact us at least one business day before your scheduled repayment date.
- Direct Debit, then you must contact us at least three business days before your scheduled repayment date.
What happens if I can't make a payment on a payment date?
At QuickQuid, we understand that your financial circumstances can change in an instant. If you know that you won't be able to repay your loan amount on your payment date, you should contact us immediately so that we can do our best to help set up payment arrangements that work for you. If your loan payment is dishonoured, returned, unpaid or otherwise missed, you may be charged a late fee of up to £15.00. We may also charge you default interest on any outstanding principal at the same daily interest rate as your contracted interest rate, beginning on the first calendar day after the repayment date. Missing payments can make it more difficult and/or expensive for you to obtain credit, and such missed payment may adversely affect your credit report. In addition, if you default under a loan agreement, we may commence legal proceedings. You may be required to pay us the reasonable expenses and costs we incur in those legal proceedings or in attempting to enforce our rights against you under the loan agreement.
If you need more than a few extra days to repay your loan, you may be able to apply for an extension. You can see if you're eligible to apply for an extension by logging in to your account. If your extension application is approved, the interest you accrued on the original loan must be paid on the original repayment date. The repayment of your loan principal will then be moved to a later repayment date.
On this new repayment date, you will repay the loan principal along with additional accrued interest. Because you will pay additional interest on your outstanding principal, extensions are granted solely at our discretion, based on whether we believe you will be able to repay the extension without undue difficulty. You may apply for a maximum of two extensions per loan.
What is a Top-Up?
Top-Ups allow qualified borrowers to borrow more money on top of their current loan. You may apply for a Top-Up before paying back your original balance. If approved, your current loan will be rolled into the new loan. The additional borrowed amount will be added to your current outstanding principle balance and you will accrue daily interest on your total outstanding principle.
How much can I Top-Up?
If eligible to apply for a Top-Up, the maximum amount you are eligible to apply for is displayed on your Account Home page. Keep in mind that your new loan (previous unpaid principal + Top-Up) can total no more than £1,500. † Your actual Top-Up amount is subject to approval.
How much will my Top-Up cost?
After you take a Top-Up, your new loan amount will be a combination of your new money plus the outstanding loan balance and any unpaid interest on your old loan. As with your original loan, you will pay daily interest on the total outstanding principle until the end of the loan term. Also remember that there is no early settlement or processing fees when you take a Top-Up.
How do I apply for a Top-Up?
If eligible, you can apply for a Top-Up right from your Account Home page. If we can offer you a Top-Up, a “Need more money?” window will appear on your home screen. Click the “Apply For Top-Up” button to submit your application.
How quickly can I receive my Top-Up?
If approved, the money will usually be sent to your bank account 10 minutes after approval. This depends on whether your bank supports Faster Payments. If your bank does not support Faster Payments, funds will be sent to your account the same day as approval, as long as you're approved by 14:30 on that day.
Why was my Top-Up not approved?
Each application for a Top-Up is considered individually at the time of application. When reviewing a Top-Up request, we consider factors including your credit, income, previous repayment history and the affordability of the new amount given your current circumstances. We may decline you based on these or other reasons. Even if you have been approved for a Top-Up in the past, your current information might lead us to decline a new request. Conversely, if you have been declined for a Top-Up in the past, you may be eligible to apply for a Top-Up if your circumstances have improved.
How do I update my bank information?
To update your bank account number, debit card details or Direct Debit details, please contact our Customer Support Team via phone on 0800 056 1515, or by live chat. Please be ready with your new debit card number or branch sort code, as well as your bank/building society account numbers. Please note that we cannot update this information via email.
How do I update my personal and employment information?
To update your personal and employment information, please do the following:
- Log in to your account using the Customer Log-in fields at the top of the screen.
- Click on the corresponding link of the information you need to change under the “Account Details” header.
- Make the change and click “Update.” Please note that some information cannot be updated unless you contact our Customer Support team on 0800 056 1515.
I forgot my password. How do I reset it?
To reset your password, click the "Log-In" button on the top of the page. Then:
- Enter your email address and click "Forgot your email or password?"
- Check your email for a temporary password.
- Log in to your account with the temporary password and update your password when prompted.
If you’re already logged in to your account and would like to change your password, simply click on the “Change Password” link on the Account Home menu.
I am not receiving emails from QuickQuid. Why?
To ensure you receive important emails from QuickQuid, please take a moment to add our email address (firstname.lastname@example.org) to your address book, or to your spam "good list” or “whitelist.” Sometimes new email spam filters incorrectly categorise messages from QuickQuid as “unsolicited” and redirect them to a spam, bulk or junk email folder, or even delete them altogether. Read on for instructions on how to add QuickQuid to your address book in Outlook and Gmail:
You have the right to access and download (port) your personal records and information. This information is limited to information you have provided us and certain information generated by your activities with us. To request your data be ported, you may log into your account and choose to download and send this data. This information will be prepared in a secure format and will then be available shortly after for download. In limited instances, certain data may not be provided upon request if that personal data concerns other individuals or if providing it would result in a release of information covered by our trade secrets or intellectual property rights.
You have the right to access your personal records and information that we hold about you. For access to information provided by you or generated by your activities, you may log in to your account and choose to download this data. This information will be prepared in a secure format and will then be available shortly after for download. For a more complete list of data held about you, including data obtained from third parties, please email GDPR@quickquid.co.uk with your request. Please note that this request may take up to 30 days to complete. In limited instances, certain data may not be provided upon request if that personal data concerns other individuals or if providing it would result in a release of information covered by our trade secrets or intellectual property rights.
You have the right to update any outdated or inaccurate data held about you, and to complete any incomplete data held by us. You may update personal details or employment data by logging in to your account or by calling 0800 056 1515.
Objection to Processing
You have the right to object to processing where processing is based solely on our legitimate business interests.
If you are currently receiving marketing communications, you are able to change your preferences at any time by one of the following methods:
Via email: Click the "Unsubscribe" link in any email communication and submit your email address on the next screen.
Via the web: Update your contact preferences in your account.
Via SMS: By following the unsubscribe link in your SMS communication.
If you object to our processing based on our legitimate business interests, please note that the processing shall cease only where your rights outweigh our compelling legitimate grounds for processing. You may request this right by emailing GDPR@quickquid.co.uk.
Objection to Automated Decision Making
We use automated decision making as part of our fraud prevention, identity verification and underwriting process. This process takes into account customer stated data such as income, expense and employment information, as well as third-party data, such as credit reference data or published national household income and expense averages to judge creditworthiness of an applicant and affordability of the requested loan. Such automation ensures that each customer is treated consistently and is evaluated objectively and allows us to make fair and responsible lending decisions.
You may request our team manually evaluate your loan application; provide your opinion; or, contest the decision made by this automated processing. You also have the right to object to the automated processing for direct marketing purposes. For automated processing requests, please contact us at Privacy@quickquid.co.uk.
We will delete or anonymise data when, in accordance with our Data Retention Policy, we no longer need to process it. If we anonymise data, we may continue to use it (in anonymised form) beyond periods specified in our Data Retention Policy. You have the right to request us to delete your data sooner for a number of different reasons, for instance, if it was unlawfully processed and you may do so by sending your request to GDPR@quickquid.co.uk. We will review your request and respond within one month.
Restriction of Processing
You have the right to request us to limit the use your data for a number of reasons, including if you have requested we correct data about you, you have objected to our use of your data, and if you believe your data was processed unlawfully, or if you need us continue to store your data for legal reasons related to you. Please note that in the event you request restriction, we will continue to store it according to our Data Retention Policy. If you would like to request restriction please email GDPR@quickquid.co.uk.